Many car dealers offer used vehicles at attractive rates. And yes, buying one is a smart investment. You end up paying less compared to a brand new ride, which can help you invest the saved money on other personal requirements. But these vehicles often come with undisclosed caveats that can cost you more money than spending on a new car. So if you plan on purchasing a used car today, here are five things to avoid.
Shopping without a plan
Most buyers tend to visit car dealerships without knowing what they want. Poor research puts them in a boxed situation where they end up with a vehicle that does not meet their needs. Make a list of factors that you want, including the car model, accessories, insurance, cost, and more, to avoid an impulsive purchase at the dealership unit.
Neglecting research on the trade-in value
Though you may get a good deal on a used car, you must check with multiple dealers for the trade-in value of your existing vehicle. There are many websites that will offer a quote for your current car. Once you have the approximate value, check and see if the dealer you want the used vehicle from can price-match or give you a better deal.
Not checking for pre-approved finance
When you miss out on checking for pre-approved finance, there’s a chance you might end up paying more in the long run. On the other hand, when you are pre-approved, you can set up your loan with a feasible down payment and loan term, which serves as a good bargain at a dealership for a better rate.
Paying for unwanted upsells
Dealers often bundle used cars with anti-theft devices, additional warranties, and other extras that increase the cost of the vehicle. So when you are sure about a used vehicle, ask the dealership for the out-the-door price. It will clarify that you would prefer the car without the upsells. However, if the extras and car are within your budget, you should consider buying.
Skipping a test drive
You should never skip a test drive when buying a used car. A test drive will help identify if the vehicle suits your requirement where practicality, mileage, and other factors are concerned. You should also conduct an inspection to identify faults in the car. If damages are found, the dealer will have to resolve them before your purchase.
